American Realty Capital Properties, New York, sold almost 5.6 million shares of stock for proceeds of nearly $70 million in its initial public offering. The common stock began trading on the Nasdaq Capital Market as of 3 p.m. on Sept. 7. The offering priced at $12.50 per share.
Proceeds will be used to make property acquisitions, pay off property related debt and related fees and expenses, as well as for general working capital purposes.
ARCP, which is looking to qualify as a real estate investment trust, has already declared its first dividend, which will total $0.875 per share annually.
The dividend will be payable monthly on the 15th of each month, starting in October.
The company is looking to acquire and own single tenant freestanding commercial properties with tenants subject to net leases.
